Yesterday the GBPUSD was trading at an important long term level, but a few hours ago the pound broke through the short term resistance level triggering a bullish market condition:
GBPUSD
And there are plenty of pips before we hit the next LT resistance level, so I’ll be monitoring this one.
My Plan:
As long as the GBPUSD trades above 1.6300 I will be looking for long trades opportunities.
All short opportunities will be ignored
Trade Safe!
Raul Lopez
The GBPUSD traded in a range for a couple of days near an important long term resistance level, but now, it broke through the short term support level and is in a clear bearish market condition:
GBPUSD
My Trading Plan:
As long as the GBPUSD keeps trading below 1.6076 I will be looking for short trade opportunities.
All short signals will be ignored.
Trade Safe
Raul Lopez
The GBPUSD is trading around an important long term support level, and as you already know, when the market trades around an important LT level, it creates a short term range, in this case the pound-dollar’s range is from 1.6202 to 1.6072:
GBPUSD
So basically what I’m waiting for is a breakout of either extreme of the range to start looking for a trade opportunity.
Here is my trading plan:
If the GBPUSD breaks the ST support level, I will be looking for short trade opportunities. My next LT support level is at 1.5806
If the GBPUSD breaks the ST resistance level, I will be looking for long opportunities (my next LT resistance level is too close, so need to make sure the trade has a good Risk-Reward ratio).
If the Pound-dollar keeps trading in between both ST levels I will do nothing.
Trade Safe
Raul Lopez
Even though the GBPUSD has been ranging in the last 4 or 5 trading sessions, we are still in a bullish market condition looking for long trading opportunities. Here is the chart:
GBPUSD
The pound-dollar broke the previous resistance level (now support), this should take it to the next long term resistance level around 1.6658.
My Trading Plan
As long as the Sterling keeps trading above 1.6276, I will be looking for long trading opportunities. All take profit orders will be set below the next resistance level around 1.6658.
All short opportunities will be ignored.
Trade Safe!
Raul Lopez
There has been a few changes in the GBPUSD since last week, the market was rejected from 1.5822 a previous important level, so I decided to move my long term level to that area. Here is what I got:
GBPUSD
Based on this analysis, the GBPUSD (pound-dollar) is in a bullish market condition and we should be looking for long trading opportunities.
My Trading Plan:
As long as the market continues to trade above 1.5911, I will be looking for long trading opportunities and will set all my TP orders below the next long term resistance level around 1.6156
All short trading opportunities will be ignored.
Trade Safe!
Raul Lopez
Last week we did post about the possible bullish market condition in the GBPUSD and the GBPJPY. But we also mentioned that the interest rate announcement from the FED could change the sentiment of the market, and it did.
For pairs like the EURUSD where there was a bullish market condition, the market entered into a consolidation period with a bearish bias, and the same happened to the USDCHF (mirroring the EURUSD) was in a bearish market condition, but now it is in a consolidation period with a bullish bias.
For the GBPUSD and the GBPJPY, both of them were in a bullish market condition, but suddenly after the interest announcement the market condition changed the other way around to a bearish market condition. The good news is that we still have some room before the market hits its next long term support level, hope we are able to open position in these two pairs.
We’ll be updating you about the market condition during the week.
Trade safe
Raul Lopez
The GBPUSD was rejected from the most important long term support level at 1.6156, this creates a bullish market condition. Please take a look at the next chart:
GBPUSD
Remember the market condition is different from the market trend. In this chart for example, the general trend is a “range” 1.6654 – 1.6156, but the market condition is bullish because it has been rejected from the main support level. The market condition tells us the direction for the next hours/days.
My Trading Plan:
Look for long trading opportunities, all take profit levels will be placed below the next resistance level at 1.6654.
All short opportunities will be ignored.
Trade Safe
Raul Lopez
The GBPUSD traded for a while in an undefined range, very difficult to trade by the way, but earlier today, during the European session it broke the bottom of that range. Please take a look at the next chart.
Now, it will probably head to the next mayor support level around 1.6029.
Here is my trading plan:
I will look for short trading opportunities, will place my take profit level above the next long term support level around 1.6029.
All long opportunities will be ignored.
Good luck!
Raul Lopez
As we mentioned in an earlier post, the GBPUSD was getting ready to break either side of the range, and finally today the market broke the short term support level located at 1.6905. Please take a look at the next chart.
GBPUSD
This breakout puts shorts in play. Remember however that tomorrow we have the most important announcement of them all, the non-farm payrolls report. It could be a mover because many investors and traders are expecting a recovery.
My Trading plan:
Will look for short trading opportunities. Next long term support level is around 1.6552.
All long opportunities will be ignored.
Good luck
Raul Lopez
The GBPUSD is trading just at an important long term resistance level around 1.6986. The thing is, the market is creating a short term range in between 1.6907 and 1.6988. Please take a look at the next chart:
GBPUSD
We need to see a break of the short term range before we start looking for trading opportunities. Seeing the EURUSD already broke the top of the range, my bias would be long in the GBPUSD, but we can’t take decisions based on other currency pairs, we need to wait.
My trading plan:
If the market breaks the short term resistance level, I will start looking for long trading opportunities, the next long term resistance level is at 1.7477.
If the market breaks the short term support level, I will start looking for short trading opportunities, the next support level is at 1.6552.
Good luck
Raul Lopez
The GBPUSD was rejected from the long term resistance zone around 1.6620, this makes me think the market will go short in search for the next support zone, located around 1.5914. Please take a look at the chat below:
GBPUSD Pound Dollar
My trading plan:
As long as the market continues to trade below 1.6327 I will look for short opportunities (already have one short). All take profit orders will be placed 40-50 pips above the main support zone.
Good luck with your trading!
Raul Lopez
